Al Seer Marine, a subsidiary of Abu Dhabi-based International Holding Company (IHC), aims to close Dh36.7 billion ($10bn) worth of maritime deals in the next 10 years to boost growth.
The company entered into a partnership with Netherlands-based maritime company Damen Shipyards and Singapore’s DTec Industries as it continues to tap into new markets.
As part of the joint venture, the companies will work with partners in the Middle East and other countries to sell, build and maintain high-quality marine vessels around the world, Al Seer Marine said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
“The collaboration with Damen Shipyards and DTec aligns well with Al Seer Marine's strategy in becoming a global brand in developing world-class marine vessels,” said Guy Neivens, chief executive of Al Seer Marine.
Al Seer Marine, which had assets worth Dh11.5bn at the end of June, has a diversified portfolio and offers services such as management and training, high-tech boatbuilding, unmanned systems development and manufacturing.
It is rapidly expanding in the commercial shipping segment and plans to acquire up to 15 ships in 2022 to boost its operations as global trade continues to pick up from the coronavirus pandemic-induced slowdown.
The company this year acquired two liquefied petroleum gas tankers valued at a combined Dh246 million and has large gas carriers currently under construction as part of a joint venture with BGN International. It is also expanding its freight solutions for bulk cargo globally to meet growing demand.
“With the current market indicators, we are confident this strategic joint venture will play a key role in Al Seer Marine's growth, which will be a great added value to our shareholders,” Mr Neivens said.
The global marine vessel market is projected to grow to $188.57bn in 2028, from $170.75bn in 2021, according to the company.
Founded in 1927, Damen Shipyards is focused on design, shipbuilding and ship repair across a range of sectors, while DTec offers services in “industrial participation and finance”, primarily in the maritime sector, according to the filing.
Al Seer Marine reported a more than 100 per cent jump in its second-quarter profit to Dh807.3m as revenue during the period more than doubled to Dh303.8m.
IHC is majority-owned by Abu Dhabi's PAL group of companies. The conglomerate includes more than 30 entities with 22,345 employees and is diversifying its holdings across sectors such as property, agriculture, health care, food and beverage, utilities, retail and leisure.
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
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• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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